Figma Inc. raised $1.2 billion with an initial public offering on Thursday, with shares trading for $33, which increased its market share to $19.3 billion.

Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.

Figma's shares surged nearly 158% in their market debut on Thursday valuing the design software maker at about $50 billion, setting the stage for a flurry of high-growth tech listings and strengthening a rebound in the IPO market.